Allen & Overy’s end of financial year results have revealed that 60% of the firm’s revenue is now achieved outside of the UK. The results were driven by strong performances across the banking, litigation, regulatory and restructuring practices.
The London-based firm saw revenue fall 4% to £1.05bn (A$1.9bn) for the year ended April 30.
Profits per partner increased 10% to £1.1m (A$2 million), the result of a reduction in lawyers during the GFC. Staff costs fell 11% to £384m (A$692.4m), following a restructure which saw 250 lawyers and 200 office staff cut in February 2009.
For the third year running, two-thirds of the firm’s work involved two or more offices, reinforcing its global office model. Since the start of 2010 the international law firm has opened offices in Sydney, Perth and Qatar, with a Jakarta office on the way following an association agreement with Jakarta-based firm Daniel Ginting.
“We have made strategic choices to secure future growth and in doing so have built resilience into our business, enhanced our global reach and diversified our practice mix,” managing partner Wim Dejonghe said in a statement.
“While the outlook for the global economy remains uncertain, especially in some European markets, we are in the best possible shape to handle whatever challenges the market presents.”